Apex Housing Association Limited 18 Consolidated statement of comprehensive income for the year ended 31 March 2025 2025 2024 Note Turnover 77,447,422 (64,702,790) (124,108) 12,620,$24 93,$01 267,472 (9,675,870) (166,917> so,000 3,188,710 {l8,000) 7,448,000 (8,688,01)0) 1,930,710 69,045.231 {59,274,854) 1,466,722 11,237,099 104,799 482,981 (8,890,469) (1,478,109) 545,(K)O 2.001.301 (12.C(10) 4.163,0 (16,429,000) (10,276,699) Operating costs Ga1(lO$S) on disposal of housing properties Operatlng surplus sUrplu(dericil) arising from disposals of fixed &etS Interest receivable and similar income Interesi payable and similar expenses Transfer to disposal proceeds fund Other finance costs io 20 Surplusl(Deflelt) for the flnanclal year Transfer to designated reser4es Actuarial (loss)Igain in respect of pension s¢hemes Unrecognised Assel in respect of pension schemes Total comprehenslve Income for Ihe year 24 24 All amounts above relBle to continuing operations of the Group. Consolidated statement of changes in reserves for the year ended 31 March 2025 2025 2024 Surplusl{Deficit) for the flnancial year Movement in designaled reserve Movement in called up share capital Acluarial (loss)18ain in respec( of pension schemes Unrecognised Asset in res¢1 of pension schemes Nel addition lo capital and reserves Opening lolal capital and reserves Closlng total capital and reserves 3,188.710 (18,000) 10 2,001,301 (12,000) 24 7,448,000 (8,688,000) 1,930,720 35,795,9S7 37,726,677 4,163,000 {16,429,000) (10,276,698) 46,072,655 35,795,957 24 The notes on pages 23 to 53 fonn an inteBral part ofihese financial Sthiements.
Apex Housing Association Limited 19 Association statement of comprehenslve income for the year ended 31 March 2025 2025 2024 Note Turnover 7J,889,358 {60,098,604) (124,108) 11,666,640 93,501 233,158 (8,914J09) (166,9J7) 50,000 2,961,879 {18,000) 6,619,000 (7,859,000) 1,703.879 63,810,056 (55.187.883) 1.402.290 10,024,463 104,799 468,360 (8,083,006) (1,478,109) 545,000 .581.507 (12,000) 3,917,000 (16,124,IX()) (10,637,493) Operating Costs Gain/(loss) on disposal of housing plopenies Operatlng surplus Surplus arising from disposals of fixed assets Interest receivable and similar income Interest payable and similar Charges Transfer lo disposal proceeds fund Other finance costs 20 Surplusl{defi¢it) for the flnanclal year Transfer lo designated reserves Actuarial (loss)18ain in respect of pension schernes Unrecognised Asset in respecl of pension schemes Total eomprehen$lve In¢omel(defi¢ll) for the year 24 All amounts above relate lo continuing operations of the Asswialion, Association statement of changes In reserves for the year ended 31 March 2025 2025 2024 Surplus for the financial year Movement in called up share capital Actuarial (loss)/gain in respecl of pension schemes Unrecognised Asset in respec( of pension schemes Net addition to capital and reserves Movement in designaled reserve Opening lolal capital and reserves Closlng total capllal and reserves 2,961,879 1,581,507 24 6,619,000 (7,859,000) 1.721083 (l8,000) 19,491 J94 21,195277 3,917,0(K) (16,124,(X()) {10,625,493} (12.000) 30,128,887 19,491,394 The notes on pages 23 to 53 form an integral parl of Ihese financial slatements.
Apex Housing Association Limited 20 Consolidated statement of financial position as at 31 March 2025 2025 2024 Note Flxed assets Housing properties- depreciated cost Other tangible fixed assets 12 896,791,290 11,181,579 907,972,869 853,120,086 10,099,132 863,219.218 13 Current Assety Stock 15 195,360 17,200,168 3,719,534 976,002 22,091,064 (71,917,481) (49,826,417) 858,146,452 (820,419,77S> 243.946 16,106,122 23,577,481 1,502.944 41,430,493 (97,425,999) (55,995,506) 807,223,712 (771,427,755) Debtors 16 Investments 17 Cash at bank and in hand Creditors: amount$ falling due within one year Net eurrent asJetsl(IiAbllStles) Total assets less current liabilities 18 Credllors: Amount$ falling dllt after more than one year Penslon asset l Olabhllty) Net a95etS 19 24 37,726,677 35,795,957 Capltal and reserves Called up share capital Capital reserve Supporting People reserves Common fund 25 39 29 103 103 27 28 22,000 37,704J35 37,726,677 20,000 35,775,825 35,795,957 Revenue reserve Total fund6 The noles on pages 23 10 53 form an integral part of ihese financial statemen18. The financial staiemenis on pages 18 10 53 were approved by ihc Board of Management on 24th September 2025 and were signed on ils bchalf by: D Mc Kenna Treasurer P Caldwell Chairperson S Mccallion Secretary Registered number: IP 125
Apex Housing Association Limited 21 Association statement of finanelal position as at 31 March 2025 2025 2024 Note Flxed assets Housing properties- depreciated cost Other tangible red assets Inveslmenls 12 830,929,400 9,233503 787,521,728 8,097,257 13 14 840,162,905 795,618,987 Current assets Stock 15 195J60 16,927,490 3,719,S34 221,933 21,064,317 (65,583,764) (44,Sl9,447) 79S643,458 (774,448,181) 243,946 15,844,046 23,577,481 199,353 39,864,826 (94,457,635) (54,592,809) 741,026,178 (721,534,784) Debiors 16 Invcstmenls 17 Cash at bank and in hand Credltors: amounts f*lling due within one yexr Net eurrent assetsl(liablliiles) Total assets less curren¢ lfjabllltles 18 Credltors: amounts falling due after more than one year Pen$lon asset l (Ilability) Net assets 19 24 21,195,277 19,491,394 CapltAI and reserves Called up Shar¢ Capital Capital reser4e Supporting People res¢e$ Common fund 25 33 29 26 27 28 22,000 21,173,237 21,195,277 20,0(KI 19,471,358 19,491,394 Revenue reserve Total funds The notes on pages 23 10 53 fomi an inlegral part of these financial slalemenls. The financial stalemcnls on pa8cs 18 to 53 were approved by the Board of Management on 241h September 2025 and were signed on ils behalf by: D Mc Kenna Treasurer P Caldwcll Chalrperson S Mccallion Secrelary Registered number: IP 125
Apex Housing Association Limited 22 Consolidated statement of cash flows for the year ended 31 March 2025 2025 2024 Nole Net cash from operatlng actlvltles Cash flow from invesling activiti Payments lo purchase and develop housing propertlC5 Receipls ofHousing Association Grant Receipts of oiher grants Purchases of other tangible fixed assets Receipts from disposal of housing properties Inieresi received 31 18 J02,01)0 13,828,545 {$8,979,746) 5.05S,042 (23,400) (1,471269) 201,053 267,472 (S4,951048) {68,299,248) 51,980,453 431,400 (4,649) (1,713,491) 482,980 (17.122.555) Net cash generated froml(used in) invesling aetlvltles Ca$h flows from financlng activhlles Repaymcnl of bank loans Loan advances (34,159JIO) 60,050,139 (9,625,870) 16,264,959 (20,384,889) 25,080,42S 4,695,536 (24,118,506) 36,410,754 (10,008,468) 2,283,780 (1.010,230) 26,090,655 25,080,425 Inleresi paid Net cash generated from financlng activities Net Inerease In eash and cash equlvalent8 Cash and cash equivalents ttt the beginnin8 of ihe year Cash and c4$h equlvalents at the end of the year 31
Apex Housing Association Limited 23 Notes to the flnaneial statements for the year ended 31 Mareh 2025 General information The group and association's principal activity during the financial year was providing high quality, affordable homes for rent throughout Northern Ireland and to help facililaie home ownership for people who cannot afford io purchase a home outright. The group is registered under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and domiciled in ihe UK. The address of the registered office is 10 Butcher Street, Londonderry, BT48 6HL. Statement of compliance These financial statements of Apex Housing Association Limiled have been prepared on the going concem basis in compliance wilh Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland. ( FRS 102") under the hisiorical cost convention. and in accordance with applicable accounttng standards in the Unlted Kingdom and Sthtemeni of Kecommended Practice for Accounting by Re8Astered Social Landlords. The principal accounling policies, which have been applied consistenily throughout the year, are sel out below. The presentation of the financial statements complies wilh the Registered Housing Associations (Accounting Requirements) Order (Northern Ireland) 1993, the Charities Act (Northem Ireland) 2008 and ihe Charities (Accounls and Reports) Regulations (Northern Ireland) 2015. Summary of significant accountlng policles The principal accounling policies applied in ihe preparation of these financial 81alements are sel out below. These policies have been consislenily applied lo all the yeaT¥ presented, unless otherwise stated. The significant Dccounling policies adopted by the group and associalion are as follows: Basls of preparatlon of flnanclal statements Thcse consolidated and scparatc financial slatemenls are prcpared on a going concern basis, under Ihe historical cost convention. The preparation of financial sialemenls requires Ihe use ofcertain crilical accounting estimales. Ii also requires management to exercise its judgement in ihe process of applying Ihe group and association accounling policies. The areas involving a higher degree ofjudgemenl or complexity, or 8reas where assumptions and eslimaies are significant to thc financial statements, are disclosed in note 4. Basls of consolldAtlon The group .81alement of comprehen.4ive income and group statement of financial position included within the financial statcmenis of Ihe group and ils subsidiary undertakings are made up lo 31 March 2025. Intra group Iransaclions, any unreali¥ed profilsllosses arising. and inlerL'ompany balanccs are ttliminaied fully on conyolidation. Forelgn eurren¢le$ Transactions and non-monetary assets. denominated in foreign currencies, are translaled at the exchange rale ai ihe date of the transaction. Monetary assets and liabilities denominated in foreign cutTeneies are retranslated at the rate of exchange rnling ai the stalemeni of financial position date or ihe exchange rale of a related foreign exchange contract where relevant. The resulting exchange gains or losses are dealt with in ihe income and expenditure account. Golng eoneern The Board has a reasonable expeclalion Ihat the Association has adequate resources to continue in operational existence for the foreseeable future. The Board considL'rcd (he new financial plan for 2025126 and beyond at th¢ir meeting held on 8th Sept¢mber 2025. This plan included various assumptions and slress-lesling around a range of scenarios and considered any miligalions that may need io be put in place depending on the ouipuls of each scenario. For this reason, Ihey continue lo adopt Ihe going concern basis in preparing the financial statemenls and are confident ihat the Group will be a going concem for at least 12 months from ihe dale of this report.
Apex Housing Association Limited 24 Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policles (contlnued) Revenue recognltlon Revenue is measured at the fair value of the consideration received or receivable and represents ihe amount receivable for goods supplied or services rendered, nei of relurns, discounts and rebalcs allowed by the group and association and value added taxes. The group and association base its estimate of returns on historical results, taking inlo consideration the type of customer, the type of transaction and the specifics of each arrangement. Where Ihe consideration receivable in ca8h and ca8h equivalenls is deferred and the arrangement eoThslitutes a financing transaction, the fair valuc of Ihc conyidcralion 1% mcaNured at the present value of all future receipts using the imputed rate of interest. The group and association recognises revenue when (a) Ihc significanl risks and Tewards of ownership have been transferred to Ihe buyer. (b) the group and association relains no continuing involvement or control ovcr ihe goods. (c) the amouThl of revenue can be measured reliably> (d) il is probable that fure cconomic benefits will tlow ihrough the group and association and (e) when the specific Criteria relating to each of the group and association's sales channels have been mel, as described below and in nole 5. Net renlal Income Income includes rent and service charge income arising from the provision of housing accommodation and the amortisa¢ion of Housing Associaiion Grant, Income is r¢¢ognised in ihe period to which it relates. 11) Flr$t Ir8n¢he equlty sale$ ProcLYd¥ from thc fir¥1 Iranche disposals are accounted for as turnover in Ihe Slaiement of comprehensive income in the pericrfj in which ihc disposal occurs. 111) Other Ineome Other income is recognised in the Statement of comprehensive incotne when the lernis of revenue recognition have been meL Employee benerat$ The Group provides a range of benefits to employees, includin8 paid holiday affangemenls and defined conlribulion pension plans. Short lerni benefits Short tern) benefits, including holiday pay and olher similar non-monctary benefits, are recognised as an expense in the period in which the service is received. Mulii-employer pension plan The Asso¢iNtion operaies a defined benefit scheme through the Northern Ireland Local Government Officers, Superannuation Scheme (NILGOSC). The assets of NILGOSC are held separately from ihose of the Asso¢ialion. The Asso¢ialion has adopted section 28 of FRS 102 in these financial stalemenls. Pension schetne assets are measured using market value. Pension scheme liabililies are measured using the projecied unil method and discounlcd at the current rale of return on a high quality corporate bond of equivaleni tem) to the liability. The increase in ihe present value of the liabililies of the Association's defined benefit pension scheme arising from employee service in (he year is charged to operaling surplus. The expected return on the scheme's assets and Iheincrease during the year in the presenl value of thescheme's liabilities arising from Ihepassage oftime are included in other finance costs. Actuarial gains and losses are Tecognised in the slalement of total recognised surpluses and defi¢ils. Defined contrlbution pension plans The group operates a defined contribution scheme for certain employees. A defined contribution plan is a pension plan under which the group pays fixed conlribulions into a separate entity. Once the contributions have been paid the group has no further paymenl obligalions. Thecontributionsare recognised as an expense when they are due. Amounlsnotpaid are shown in accruals in the slalement of financial position. The assets of the plan are held separately from the group in independently athninisiered funds.
Apex Housing Association Limited 25 Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accountlng polleles {contlnued) All new employees joining Apex Housing Associalion Limited are not eligible to join the NILGOSC scheme except in the case where they are already active members al ihe time of becoming an Apex employee. All other new employees join the Social Housing Pension Scheme Defined Contribution (SHPS DC). SHPS DC is a defined conlribution workplace pension scheme administered by The Pensions Trust and is the pension vehicle provided by the Association under auto-enrolment legislation. Each employee holds a separate pension plan with The Pensiotts Trust to which the Association contributes 6 % of pensionable pay with the employee contributing a minimum of 4Yo. The employee is responsible for any investment decisions from the various inveslment Oplions provided by The Pensions Trnst. The Association's liability is limited to the above employer contribuiion. Tanglble fixed assets Housln8 propertles The group operales a fvll component accounting policy in relation lo ihe capilalisation and depreciation of its completed housing stock. Other houslng propertles- acqulred by the A8soelat£on Other housin8 properties are stated as cost which is purchase price together with any incidental costs of acquisition. These properties are effectively purchased concurrently by the Association and participants and so are disclosed in fixed assets at the ¢osi ¢0 the Association wilh the participants, nei invesimenl also disclosed in th¢ housing properties noie ¢0 the ac¢ounl$. The initial cost of the houses is nol split between ¢urrent and fixed assets since the Associalion and the participant effectively purchase their respe¢¢ive shares simultaneously. The cir¢umslan¢es of Ihis iype of transaction means ihal no gain nor los$ will ever be made by the Association on first tran¢he sales and $0 Ihe proceeds and costs are not 8hown in tumover or c08t of sales. This allows th¢ Associalion lo present a true and fair view of the comrnercial reality bchind such a COryowner¥hip scenario. Other houslng properties- developed by the Association For housin8 developed by the As$o¢iaiion 10 provide a supply of affordable homes sale8 proceed$ are a¢¢ounled for in the Statement of comprehensive income with proceeds recorded in turnover and costs in ¢o$i of sales in a¢¢ordan¢e wilh SORP. Unsold properties at the year-end are included in sIk and are valued at the lower of cost (cost of land together wilh associated costs of development) and nel realisable value, Forhousing developed for outright sale Ihe proceeds less the ¢0sls of developing the property are a¢¢oun¢ed for in the statement of comprehensive income and disclosed wiihin the surplus or deficit arising from disposals of housing propety. Other tlxed assets Other fixed assels are slaled at cosl. Hou51ng Asso¢latlon Grant Ydnd other grants Housing Associalion Grant and oiher grants received as a conlribulion lowards Ihe ¢apilal costs of housing properties of the Association are recognised in income over the useful life of the housing property struclure and ils individual components. Housing Association Grant received against revenue expenditure is credited to revenue in ihe period in which the related expendilure is charged. Such granls, although treated as a grani lor accouniing purposes, may be repayable under certain circumstances, primarily following the sale of housing property, bul any amount repayable would be restricted io the net proceeds ol Ihe sale.
Apex Housing Association Limited 26 Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of slgnlflcant aecountlThg pollcles (continued) Depreelatlon And Impalrment Houslng properties Housing properties are split between land, strucrnre and major components which require periodic replacemenl. Replacement or refvrbishment of such major components is capitalised and deprecialcd over the estimated useful life which has been sel taking into account professional guidance and the group's asset managemenl slralegy. In delerniining ihe remaining useful lives for the housing slock, the group has taken account of views provided by boih inteTnal and exlemal professional Sou¢3. Freehold land is not subjecl to deprecialion. Depreciation is Charged so as to wrile down the cosl or valuation of ihe freehold housing properties and major components on a siraight line basis over their expected use economic lives. Major components are treaied as separable assets and depreciated over thcir expecied useful economic lives or the lives of the struclure lo which they relate, if shorter, over the following periods: Main fabric Roof structure and coverings Windows And exlernal doors Heating system boilers Kitchens Bathrooms Mechanical $yslems (heating, ventilation, plumbing) Electrics Lift 100 years 40- 80 years 30 years 15 years 20 years 30 years 40 yEas 40 years 30 years Elousing a8sets are deprecialed in ihe year of acqui8ltioTh, or in the case of a larger project, from the year of complelion, Whe there 15 evidenLe of impairmenl, the fixed assets are writlen down lo the recoverable amount and any wrile down would be charged to operaling surplus. Other flxed asstls Depreciation of oiher fixed assets is Charged on a slraighi-line basis over ihe estimated usefvl economic lives of the assets at the following annual rates: Freehold buildings Motor vehicles Plant and machinery Olce MIture and equipment Computer equipment 250 Subsequent additions And major components Subsequenl costs. including major inspections. are included in the assets carying amount or recognised as & separate asset, as appropriate. only when il 15 probable that economic benefits associaled with the iiem will flow lo Ihe group and the cosi can be measured reliably. The carrying amount of any replaced component is dereco8nised. Repairs, maintenance and minor inspection costs are expensed as incutTed. Derecognltion Tangible assets are derecognised on disposal or when no future economic benefit8 are expected. On disposal the difference belween the nel disposal proceeds and the carrying amount is recogni8ed in the Sialcmenl of comprehenqive income. Leased asgets Ai incepiion the group assesses agreements ihat transfer the right to use assets. The assessment considers wheiher the arrangemenl is, or eonlains, a lease based on Ihe substance of the aangeMent.
Apex Housing Association Limited 27 Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policies (Continued) Operatlng leAsed Assets Leases that do not transfer all the risks and rewards of ownership are classified as operaiing leases. Payments under operating leases are charged lo the Statement of comprehensive income on a straight-line basis over the period of the lease. Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tern] highly liquid investments with original maturities of one month or less and bank overdrafts. Bank overdrafts are shown within boTrowings in Quent liabilities. Current f49sel Investments Cuent asset investments are investments in short-lerni deposits with an original maturity between one and twelve months. Impairmenl of non-financlal assets At each statement of financial posilion date non-financial assets not carried at fair value are assessed to delerniine whether there is an indication Ihat the asset (or assel's cash generating unit) may be impaired. Il there is such an indicolion the recoverable amount of the asset (or asset's cash generating unit) is compared lo the carying amount of the asset (or asset's Cash generating unit). The recoverable alnount of the asset (or assel's cash generating unil) is the higher of the fair value less cosls to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and lax obtainable as a result of the asset's (or asset's cash generating unit) continued use, These cash flows discounted using a pre-tax discounl rate ihat represents the current market risk-free rale and the risks inherent in the assets. If the recoverable amount of the as5el (or assel's cash gcneratin8 unil) Is eslimaled lo be lower than the c8ryin8 amount, the arryin8 amount is reduced to ils recoverable amount. An impairn]ent loss is reco8nised in the Statement of comprchcnsive incomc unles¥ the a%set has been rcvalucd when the amounl is rccouni.¥cd in oihcr comprchcn¥ivc income to the txtent of any prcviously recOlS¢d rcvaluation. Th¢r¢aft¢r any ¢x¢css is rcco8nits¢d in thc Slatcmcnt of compr¢h¢nsive income. If an impairn]ent1088 is 8ub$equenily reversed, the carrying amount of the asset (or awt'8 cash generating unit) 1$ iner¢ased to the revised cstimaie of its recoverable amount, bui only to the extent that the revised carying amount does noi exceed the carying amount Ihal would have been detern]ined (nei of depreciation or amortisati(m) had no impairnient 1053 been recognised in prior periods. A reversal of an impainnent loss is recognised in the Statement of comprehensive income. Provlslon$ and contlngent Ilabllltiej Provisions Provisions are recognised when the group has a present legal or conslwctive obligation as a result of past evcnt5' il is probable that an outflow of resourc will be required to seiile ihe obligation. and ihe amounl of the obligations canbe eslimaled reliably. Where there are A number of similar obligalion5, the likelihood that an outflow will be required in settlement is delerniined by considering Ihe class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected lo be required lo seiile the obligation usin8 a pre- lax rate Ihat reflects currenl market assessments of the time value of money and the risks specific to ihe obligation. The increase in Ihe provision due ¢0 passage of ¢ime is recognised as a finance cost. Coniingencies Conlingent liabilities, arising as a result of pasievents, are not recognised when {1) il is noi probable thai there will be an outflow of resources or that the amount cannoi be reliably measured ai ihe reporting dale or (li) when the existence will be confirnied by the occurrence or non-occurrence of uncertain tUre evenis nol wholly within the group's control. Contingent liabilities are disclosed in the financial staiements unless the probability of an ouiflow olresources is remote.
Apex Housing Association Limited 28 Notes to the financiydl statements for the year ended 31 March 2025 (continued) Summary of sfignlficant aeeounting policies (continued) FlnAnelal Instruments The group has chosen lo adopt Sections I l and 12 of FRS 102 in respect of financial inslrnments. Financial assets Basic financial assets, includbng trade and other receivables and cash and bank balances are iniii8lly recognised at transaction price. unless the arrangement constimtes a financing transaetion, where the transaction is measured ai the present value of the ture receipts discounted at a market rate of interest. Such assets are subsequently carried al amortised cosl using the effective interest tnethod. Ai the end of each reporting period financial assets measured al amortised cost are assessed for objective evidence of impaimient. If an asset is impaired the impairn)enl loss is the difference between the carrying amount and the present value of the estimaled cash flows discounted al ihe asset's original effective interesl rale. The impaimienl loss is recognised in Statement of comprehensive income. If ihere is a decrease in the impairn)ent loss arising from an event occurrin8 after the impairment was recognised, the impairn]ent is reversed. The reversal is such that the current carying amounl does not exceed what the carrying amount would have been had the impairnient not previously been recognised. The impairnient reversal is recogniscd in Statement of comprehensive income. Financial a&set$ are derccogni%cd whcn (a) the contractual right.% to the cash flows from thc a%¥ct cxpirc OT are settled, (b) substantially all the risks and rewards of the ownership of the assel are ITansf¢rred to another party or, (¢) despite having reiained some significanl risks and rewards of ownership, conlrol of the a$set has been transferred to anoiherparty who has the praclical ability to unilaterally sell the asset to an unrelated third party without imposing addilional restriclions. Other financial assets, including investments in equity ins(rumenls which are not subsidiaries, as80ciales or joint ventures, are initially measured at fair value, which is nomially the transaction price, Such L4%cts arc 4ub4rqucntly carried at fair value and the changes in fair value are rccoBni.4cd in Statcmcnt of comprchen¥ive incomc, exccpl that invc%tmcnts in cquily inxtrumcnts that are not publicly Iradcd and whosc fair valu¢s Cannot bc mcasured rcliably arc mcasurcd at coyt le¥x impairnicnl. li) Financial liabilities Basic financial liabilities, in¢luding irade and other payables, bank loans and loans from fellow group companies, are initially recognised al transaclion price, unless the arrangement conslitules a financing ¢ransA¢tion, where the debi inslrumenl is measured at Ihe present value of the futyre receipts discounted at a market rale of interesl, Debt inslrumenls are subsequenily carried at amortised cosl, using the effective interesl rate method. Fees paid on the establishment of loan facilities are recognised as Iransaction cosls of Ihe loan to the exlent ihat it is probable that some or all of the facility will be drawn down. In ihis case, Ihe fee is deferred until Ihe draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facilily will be drawn down, the fee is capilalised as a pre-payment ror liquidiiy services and amortised over the period of the fa¢iliiy lo which it relates. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Account5 payable are classified as curreni liabilities if payment is duewithin one year or les5. If not, Iheyare presented as non-Cuenl liabililies. Trade payables are Tecognised initially at Iransaclion price and 5ubsequenily measured ai amortised 051 using ihe effcclivc interest meihod. Disposal proeeeds fund The nel suluses, afier loan repaymenis, thal arise from the sale of property to lenants under the voluntary purchase granl arrangements instituted by the Departrnenl for Communities can be used by the Association to purchase or develop addilional properties for leiiin8 rathcr Ihan claiming housing association grant on same. On acquisilion of a PToperty an amoulll equal lo the acquisition cosl (Total Cost Indicalor from l June 2008) is removed from the fund and reclassified as recycled housing association grant. With effect from l October 2006 notional interest on the balance is included in ihe fund.
Apex Housing Association Limited 29 Notes to the financial statements for the year ended 31 March 2025 (eontlnued) 3 Summary of significant accounting pollcles (contlnued) If the surpluses are nol used within two years of their receipt they may be payable in part or in full to the Department for Communities. Revenue reserves The group and association's policy 18 to retatn a level of revenue reserves, which matches its needs at the current lime and in the foreseeable future. Thc cTV¢s required are sulricienl to meeling committed running costs for a perAcKI equivalent to three months budgeted future expenditure. Annually the Board of Management review ihe adequacy of this period amending it, where necessary) ¢0 refle¢l changing needs. 4 Critlcal aceountlng Judgements and estimation uncertainty Estimates and judgements are continually evalualed and are based on historical experience and other factors, including expectations of future events thal are believed to be reasonable under the c1m5¢8nce5, (a) Crilicaljudgements In applying ihe enlity's accoun(in8policies There are no crilical judgements in applying the entity's accounting policies. (b) Key accounling eslimales and assumplions The dircclors make cslimales and assurnptions ¢onc¢rning Ihe future in the process of preparing the group financial slatements. Key eslimales and assumptions that have been made in the preparation of Ihese financial slalemenls as follow8: Useful economic lives ofhousingpmperlies The annual depreciation on housing propertie8 is sent>ilive lo changes in Ihc cslimated useful economic lives and residual values of the assets. The useful econfjmic lives and residual values arc revicwcd annually. They are amended when necessary 10 reflect currenl estimates. based on future inveslments, economic utilisation and the physical condilion of ihe assets. See note 12 for the carrying amount of housing properties, and note 3 for the useful economic lives for each component of housin8 property. There are no other crilical accounting estimates and assumptions. Turnover Turnover relates io the Group and As8ociatton'8 rnain aclivily which is Carried out in the United Kingdorn. Turnover represenls renlal and service charge income and rcsidential charges for special needs scheme8, nei of voids. It also includes income arising from other rent&l subsidies. services provided to other Housing Associations, supporliThg people Icgacy funding received for Ihe provision of learning disability Care, income from other sundry ancillary services and the amortisaiion of Housing Asso¢ialion Granl.
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Operating costs 2025 2024 Group Direct property management costs Athninistrative expenses 51,748264 12,954J26 64,702,790 47,247,037 12.027,817 59,274,854 Operating surplus 2025 2024 Group Opervdting surplus ts stated after charg5nW(crediting): Sthff ¢osl$ (note 8) Dcprccialion of tangible fixed assets - owned assets Release ofcapital grant Operating lease charges Fees payable to the group's auditors for the audit of the financial staiemenls Fees payable lo the group'$ auditors for tax Se1¢t$ 24,123,695 11,822,172 (7.629,990) 47,335 49,200 1,500 22,080,980 1,585,719 (7,024,119) 63,712 38.493 1.500 Employee informatlon Group Assoclatlon 2023 2024 2025 2024 Average staff numbers Administration Number Numbcr Number Number 222 203 197 Sheltered schemes 18 18 18 18 Supported living schemes Gardeners and bu8 drivers 431 422 431 422 10 15 io 15 658 636 636 2025 2024 2025 2024 Staff costs Wages and salaries Social security costs Other pcnsion costs 20,289,920 1,953,400 1,880,369 24,123,695 18,532,748 1.764.158 1,784,074 22,080,980 19J43,167 lo5030 1,690J55 22,890,052 17,707.944 .682.126 1,608,978 20,999,048 Directors, emoluments Are disrlosed in note 30. There were no redundancy paymenls in either 2025 or 2024. Interest recelvable and slmllar Income 2025 2024 Group Bank inieresi receivable 267,472 482,981
Apex Housing Association Limited 31 Notes to the financial statements for the year ended 31 March 2025 (continued) 10 Interest payable and slmllar expenses 2025 2024 Group Inlerest charge before capitalisation Developmenl interest capitalised Interest charge alter capitallsgtion 12,296,669 (2,620,799) 9,675,870 10,223,134 (1,332,665) 8,890,469 Development interest is capiialised ai a weighted average cost of bornwing of 3.469/0 (2024: 3.3 Ivo). I l Other finance costs 2025 2024 Group Other finance losses (50,000) (545,000) 12 Housing propertles - depreelated Cost 2025 2024 Group C05t At l April Additions 981,189,653 63,001,833 (9,642,925) 1,034,548,561 916,240,623 70,439,474 (5,490,444) 981,189,653 Di4)osals Al 31 March A¢cumulated depreciation Al l April Charge for year DisposY41s At 31 March 128,069A67 IIA29,845 (1,742,141) 137,757,271 896,791,290 118,918,843 11,267,351 (2,116,627) 128,069,567 853,120,086 Net book amount Net book amount compr1%. Compleled schem Land held for development Properties under construction At 31 March 803,776,994 40,955,733 52,058,563 896,791,290 693.805.799 31,131,401 128,182.886 853,120,086 Net book amount comprises: Freehold properties Long leasehold properties At 31 Mareh 894,473,764 2,317,526 896,791,290 850,859,858 2,260.228 853,120,086
Apex Housing Association Limited 32 Notes to the financial statements for the year ended 31 March 2025 (continued) 12 Housing propertles - depreclated cost (eontlnued) 202S 2024 Group Houslng Assocl8tlon And other grants Ai l April Additions 571,737,061 18,199,484 (4ffj20,060) 585J16,485 553,577,384 21,401,619 (3,241,942) 571,737.061 Disposals At 31 Mareh Accumulated amortlsallon At l April Charge for year Disposals At 31 March 84,955,593 7,035JO2 (1296J40) 90,09455 79,570,925 7,024,119 (1,639,451) 84,955,593 Net book amount At 31 March 494,621,930 486,781,468
Apex Housing Association Limited 33 Notes to the fjnancial statements for the year ended 31 March 2025 (continued) 12 Houslng propertles - depreclated cost (contlnued) 2025 2024 As8oclatlon Cost Ai l April Additions 901,305,922 61,611,005 (9,504,265) 953,412,662 836.991.621 69,590,949 (5,276,648) 901,305,922 Disposals At 31 March Ae¢umu12ted depreciation At l April Charge for year Disposals At 31 March 113,784,194 10,327,276 {1,628,208) 122,483,262 830,929,400 105.511.838 10,199,761 (1.927.405) 113,784,194 787,521,728 Net book amount Net book amount comprises: Compleled schemes Land held for development Properties under ¢onstrv¢tion At 31 March 737,915,I04 40,955,733 SZ,058,$63 830.929,400 628,207,441 31,131,401 128,182,886 787,521,728 Net book amount comprlses: Freehold properties Long leasehold properties At 31 Mah 828,611,874 2J17,520 830,929,400 785,261,500 2,260,228 787.521,728
Apex Housing Association Limited Notes to the financlal statements for the year ended 31 March 2025 (continued) 34 12 Housing properties - depreciated cost (continued) 2025 2024 As$OCiation Houslng Assoe12tlon and other grants At l April Additions 527,S6S,124 17.992,670 (4,503,187) 541,054,607 509,376,908 21,250,437 (3,062,221) 527,565,124 Disposals At 31 March Aceumulaled gmorttspdtion Al l April Charge for year Disposals At 31 March 74,444,702 6J74085 (1,193,910) 79,625,677 69.542.973 6.369.673 (1,467,944) 74.444.702 Iyet book amount At 31 March 461,428,930 453,120.422 13 Other tangible fixed Assets Other land and bulldlngi Offlce furnlture and equlpment Plant and machinery Motor vehi¢le$ Computer equlpment Total Group Cost At l April 2024 Additions 12,939,012 ,160,609 (661) 14,098,960 168,476 24,000 246,408 420,647 46,615 1,599,026 21,700 15,151,161 1,475,332 {661) 10,625,832 Disposals At 31 Mareh 2025 168,476 270,408 467362 1,620,726 Accumulated deprecIaoll At l April 2024 Charge for year Disposals At 31 Mareh 2025 2,940,063 284,729 (105) 3,224,687 163,662 2.401 24,(KiO 61,602 329,559 35,566 1,594,745 8,031 5,052,029 392,329 (105) 5,444,253 166,063 85,602 365,125 1,602,776 Net book amount Al 31 March 2025 10,874,273 9,998,949 2,413 4,814 184,806 102,137 91,088 17,950 4.281 11,181,579 10,099,132 Ai 31 March 2024
Apex Housing Association Limited 35 Notes to the financial statements for the year ended 31 March 2025 (continued) 13 Other tangible fixed assets (continued) Other land and bulldings Office furnilure and equipment Plant and machinery Motor vehleles Computer equlpment Tolal Assoei&tion Cost At l April 2024 Additions 10,797,026 1,160.609 (662) 11,956,973 168,476 24,000 246,408 253,067 36,861 1,599,026 21,700 12.841,595 1,465.578 (662) 14,306,SI I Disposals At 31 March 2025 168,476 270,408 289,928 1,620,726 Aeeumulated depreelAtlon Al l April 2024 Charge for ye Diswsals At 31 March 2025 2,715,842 241,903 (106) 2,957,639 163,662 2,401 24,000 61,602 246,089 14,839 1,594,745 8,031 4.744,338 328,776 (106) 5,073,008 166,063 85,602 260,928 1,602,776 Net book amount At 31 March 2025 8,999334 8,081,184 2,413 4,814 184,806 29,000 6,978 17,950 4,281 9,233,503 8,097,257 At 31 March 2024 14 Investments 2025 2024 Subjldlary undertaklng Subsldliry undertaklng A$so¢iition Cost 27 27 Details of the Association's subsidiaries are as follows: Name Country of IneorporAtion Fairbuild Homes (Nl) Lid Northern Ireland Prlnelpal aetlvlty Construction Company 1/1 • Share ownership eknss l(M) Ordinary shares of £1 each- £2 Newingion Housing Associalion (l975) Limited Northern Ireland Housing Associaiion 100 Ordinaryshares of£1 cach- £25 Thc Board believe that ihe Caing value of ihe investment is supported by the underlying net assets.
Apex Housing Association Limited 36 Notes to the financial statements for the year ended 31 March 2025 (continued) 15 Stock Group 2025 Assoeiation 2024 2025 2024 Oil stocks iojso 184,810 195,360 16,710 227,236 243,946 10,550 184,810 195360 16,710 227236 243,946 Consumables 16 Debtors Group 2025 Assoeiatlon 2024 2025 2024 Rental Debtors Gross- Technical 3,989I50 1,032,705 (281,020) 4,74l,535 2,802,704 1,436,536 (254,876) 3,984,364 3,711636 918,415 (104,872) 4,526,179 46,641 4,979,060 1,112,949 2J90,787 3,671074 16,927,490 2,581,007 1,374,006 (114,005) 3,841,008 49,010 4,922,426 2,118,909 2,554,205 2,358,488 15,844,046 Rent81 Debiors Gross- Non-technical Provision for bad debts Net rental (including rates, service charges) debtors Amounls owed by subsidiary undertakings (note 37) Amounts owed by related undertakings (note 37) HAG Receivable 4,979,060 ,112,949 2,620,625 3,745,999 17,200,168 4,922,426 2,118,909 2,633,150 2,447,273 16,106,122 Oihcr debiors Prepaymenls and accrued income 17 Current asset investments Group 2025 Assoclallon 2024 2025 2024 Short tern] deposits 3,719,534 23,577.481 3.7J9J34 23,577,481
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 37 18 Creditors: amounts falllng due wlthln one year Group Assodallon 2025 2024 2025 2024 Department for Communities loans (nole 21) Bank loans (note 22) Bank ovcrdraft 8,5l4 35,608,317 3.049,866 250,022 826,614 753,975 42,818 6,090,370 37,679,822 2,198,341 4,000,tKI2 6,917,338 97,425,999 8,514 34,822,731 3,049,866 196,101 826,614 753,975 42,818 5,455,163 37,679,822 2,198,341 3,160,171 6,263,519 94,457,635 18J13,417 3,067,725 478,602 492,162 733,559 403 14,838,741 3,667,725 211,946 492,162 733J59 463 Other creditors PAYE and other t&xes Rental 8nd service charges received in advance Trade creditors AccNals and deferred income 10,148J02 28,139,509 2,244,839 802,491 6,896,412 71.917,481 9,028,641 28,139J09 2344,839 {37J40) 6,263,S19 65,583,764 Housing Association Grant in advance TBUC grant Disposal proceed8 fund (note 20) Deferred Housing Association Granl 19 Credltors: amounts falling due after more than one year Group 2025 Association 2024 2025 2024 Departrneni for Communities loans (note 21) Bank loans and overdrafts (note 22) Other loan5 (note 22) Disposal proceeds fund (note 20) Other creditors 167,141,on 164,000,003 158,522,127 130.000.000 1,472,600 976,510 479,864.130 592,388 771,427,755 153,729,583 141,636J82 164,000,003 130,000,000 1,472,6(Kl 974,224 976,510 455,165,412 446,856,903 578,959 592,389 774,448,181 721,534,784 974,224 487,725J17 578,959 820,419,775 Deferred Housin8 Assoeialion Grant Deferred income
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 38 20 Transfer to dlsposal proceeds fund Group 2025 Assoclatlon 2024 2025 2024 At l April DPF Expenditure Proceeds from house sales 5,472,602 (4J37,028) 166,917 802,491 8,996,520 (5,002,027) 1,478,109 5.472.602 4,632,771 8,154,661 (4037,028) (5,000,000) 166,917 1.478,109 (37,340) 4,632,771 At 31 Mareh The association is required io spend amounts allocaled to the DPF wiihin 24 monihs and plans are in place to ensure Ihis requirement is met. 21 Department for Communities - housing property loans Group Assoeiation 2025 2024 2025 2024 Due in under on¢ year (note 18) Due within one to two years Duc within two io five years 8,514 8,514 8,514 8.514 Interest rdtes varied between 8.750A and 12,3751J 22 Bank loans and overdrafts Croup 2025 Assoel&tlon 2024 2025 2024 Duc in under one year Due within one to Iwo yeats Due wiihin two to five years Due after five years 21,981,142 8,410,118 33J76J12 125J54,442 189,122,214 38.658,183 11,812,010 27,721,551 118.988,566 197,180,310 18,506,466 7,621,103 20,754,042 125?54N38 172,236,049 37,872,597 8,337,337 23,191,365 110.107,680 179,508,979 All loans bear interest al varying inieresi raies of between 1.240/0 and 6.38Qh. A rolling working capital facility is also currently in place. Maturity dates for all oiher loans range from September 2025 10 December 2055. Security Bank debt from AIB. Barclay's Bank. Ulsier Bank and European Inveslment Bank are 5ured by way of mortgages upon the deed8 of the relaled properties financed by ihe loans and bear interest al fixed and variable rates. Croup Ind association Other loans (THFC and PIC) 202S 2024 Due af(er five years (note 19) 164,000,003 130,(KJO,000
Apex Housing Association Limited 39 Notes to the financial statements for the year ended 31 March 2025 (continued) 22 Bank loans (continued) Securlty The THFC loan bears interest at a fixed rate of 6.350/0 on the capital sum borrowed (£1 O million) payable at 6 monthly intervals for 30 years to 8 June 2039 after which it is repayable in full. The loan is secured by a fixed charge over various housing assets, The THFC loan {2012) bears interest al a fixed rate of 5.20 /• on the Capital sum borrowed (£20 million) payable at 6 monthly intervals for 30 years to 28 September 2042 after which it is repayable in full. The loan is secured by a fixed Charge over various housing assets. The PIC Senior Notes {£130 million) are secured by a fixed charge over various housin8 assets and this has an effective interest rate of 3.37 %. A facility of £30 million from Phoenix was agreed but undrnwn al the balance sheet dale. The Senior Notes will be se¢ured by a red charge over various housing a&sels and will have an effective interest rate of 6.34 %. 23 Flnanelal Instruments The group h8S the following financial instrnmenls,. 2025 2024 Group Finlncial assets thvdt are debt Instruments meAsured At amortlsed cost Ren¢al debtor (note 16) oiher debtors (note 16) Amounts owed from related undertakings 3,989,850 2,620,625 4,979,060 2,802,704 2,633,150 4,922,426 Fln8Dclwl Ilabllltle5 measured at amortlwl cost Dfc loans (note 21) Bank loans and overthxfts (note 22) Other loans {nole 22) Trade creditors (nole 18) Other creditors (nole 18 and 19) Accruals (note 18) 8,514 197,180,310 130,000,000 42,818 5,991,280 6,090,370 189,122,214 104.000,003 463 4,500,156 10,148,302
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments The amount shown below is calculated to comply with the Financial Reporting Siandarl the specific requiremenls of whi¢h differ from the basis on which pension liabtlities are acluarially calculated for the purpose of the ongoing funding of the scheme. The Financial Reporting Standard requires.. (i) acNarial deficiencies to be recognised immediately as a "liability" in the financial slalemenls rather than being spread ft)rward over employees, remaining service lives. (li) the actuary, in valuing the scheme's liabilities, is required to use a bond yield as the discoun( rate for valuing ture liabilities, rather than a rate that reflects the expected return on the scheme's particular asset portfolio. wilh the result of an apparent increase in the present value of future longer tern] liabilities. Paragraph 28 of FRS102 also slales that, "An entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover ihc sutplus ciiher lIoUgh reduced conlributions in th¢ fure or through refunds from the plan" Following di¥cus¥ion¥ with third party advisors, and given il is uncertain as to whether this SUTplus (calculaled for Financial Reporting PUTpo¥es) will be r¢covcrablc via rcduced future conlribulions (calculated for pension funding PUTposes), Apex and Newington have not recognised any of ihib surplus in this years accounts. The below is in relalion to employces and ex-employees who are members of the NILGOSC pension scheme. An Actuariol Valuation ofthe scheme was carried ou(88 al 31 March 2022. The actuarial valuation for 31 March 2025 is now beinB carried out and will be reflected in the 2026 financial statements. Included within the Group are 2 8¢hemes, APEX Housing Asso¢iali¢)n Limiied ("Apex") and Newin8ton Housin8 Association (1975) Limited ("Newingion"). The ¢losing surplus of each scheme has been shown below.. Apex 2025 £'ooo Neivlngton 2025 £'ooo Group 202S £'ooo 2024 £'ooo 2024 £'ooo 2024 £'(x)o Total market value of assets Unrecognised asset Present value of scheme liabilities 55,122 (26,039 51,054 (17,347) (33,707) 4,055 (1,134) 3,733 (305) (3,428) 59.177 (27.173) 54,787 (17,652) (37.135) (29,083) (2,921) (32,004) Net pen51on 855el / (Ilablllty) x Housin Assoeiation Limited The major assumptions used by the actuary were: 202S 2024 Rate of increase in salaries 3.000/. 3.250/. Rate of increase in pensions in payment Discount rale 2.600/0 4.80LI/o Inflation a&8umpiion 2.500/. 2.60fy/0 The mortality assumptions used were as follows: 2025 2024 Years Years Average expecled future life at age 65 for - male currently aged 65 female currently aged 65 - male currently aged 45 - remale cUentlY aged 45 21.6 21.7 24.5 22.2 22.7 25.2 25.6
Apex Housing Association Limited 41 Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments (continued) The fair value of ihe assets in the scheme were., 2025 2024 £'ooo Equities PropeTty Bonds Mulli Assel Credit Cash & Other 22,160 5,512 10,473 7386 9,591 55,122 (26,039) (29,083) 20,269 4,748 10,LK16 6,637 9,394 51,054 (17,347) (33,707) Total market value of assets Unre¢o8nised &sset Present value of scheme liabilities Net penslon f4sgeVOlablllty) Reconciliation of presenl value of 8¢heme liabilities 202S 2024 £?000 £'ooo At l April Service cost 33,707 964 33,123 1,029 Past Bcrviee cosl Member contributions 298 309 nlerest on scheme liabilities 1,610 (6,828) (068) 29,083 .550 (1,676) (628) 33,707 Actuarial lossl(gain) Benefits paid At 3l March Reconciliation of fair value of scheme assets 2025 2024 £?000 £,0 Al l April Expected return on scheme assels Actuarial gainl(1058) Employer conlribulions Member contribuiions 51,054 2,493 (209) 2,154 298 44,835 2,150 2,241 2,147 309 Benefits paid At 31 March (068) 5S,122 (628) 51,054 Analysls of amounts charged lo Income and expendlture: 2025 2024 £'ooo £'ooo Current service cost 964 1,029 (600) 55 Net interest on pension deficil Interest on unrecognised assei (883) 833 914 484
Apex Housing Association Limited 42 Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments (continued) Amounts for current and previous flve years: 2025 2024 2023 2022 2021 £'ooo £'ooo £'ooo £'o(Ki £'ooo Fair value of employer assets Unrecognised assei Prescnl value of defined benefit obligation Asset i (liability) 55,122 (26,039) 51,054 (17,347) 44,835 (1.168) (33,123) 46,713 42,970 (29,083) {33,707) (48,633) (48,101) 10,544 (1,920) (5,131) Neivln ton Housln Assoclallon 197 LITnlted The Major assumption5 used by the actuary were: 2025 2024 Rate of increase in salaries 4.IY¢ Rate of increase in pensions in payment Di8coun¢ rnte 2.5•/0 2.60/. SA•/0 4.P/o Inflalion assumption 2.so/o 2.60A The mortality assumptions used were as follow8: 2025 2024 Years Years 21.7 Average expected future life al age 65 for - male currently aged 65 - female currently aged 65 - male ¢uffenily aged 45 - female currently aged 45 21.6 24.6 22.2 22.7 25.2 2S.6 The assets in the scheme and ihe expecled rate5 of return were.. 2025 £'ooo 1,675 385 lJ22 434 239 2024 £'CK)O 1,482 347 1,217 463 224 3,733 (3.428) 305 Equilies Property Bonds Cash Other Total mllrket vAllle of asset5 Presenl value of scheme liabililies Net pension asset 4,055 {2,921) I,J34
Apex Housing Association Limited 43 Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments (contillued) Reconclllallon of present value of seheme liabilities 202S £*ooo 3,428 190 2024 £'ooo At l April Service cost Member contributions Interest on scheme liabili(ies Actuarial lossl(gain) Benefits paid At 31 March 175 48 147 (79) (55) 3,428 161 (858> {59) 2,921 ReconclllAllon of falr value of scheme xssets 2025 £'ooo 3,733 2024 £'ooo 3.264 154 168 l54 48 (55) 3,733 At l April Expected return on scheme asse Actuarial gain Employer contributions Member ¢ontyibulions Benefits paid At 31 Mareh (36) 178 59 {59) 4,055 Analysls of amounts chargedl (credited) to ineome 2nd expenditure: 2025 2024 £'ooo £'ooo Current service cost 190 175 Past servi¢e cost Expected return on pension scheme assets Interest on pension scheme liabililies (19) 14 (154) 147 185 168 Amounts for eurrent and prevlous llve ye8r8', 2025 2024 2023 2022 2021 £'ooo £'ooo £'ooo £'ooo £'ooo Fair value of employer assels Present value of defined benefjt obligalion Unrecognised Assel Deficit 4,05S 3.733 3.264 3,154 2,926 {2,921) (3,428) {305) (3,192) (4,371) (4,255) (1,134) 72 (1,217) {1,329)
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 25 Called up share capital 2025 2024 Association Ordlnary shares of £1 ev4ch, allotted and fully pald At 31 March 33 29 26 Capitsl reserve 2025 2024 Association At 31 March 27 Supporting people reserves 2025 2024 Assoclailon At l April Income 4,466J58 (7,574,996) 3,I08,638 4.644,289 (7,818,757) 3,174,468 Expenses Transfer from general reserves At 31 March This funding is restricted for use in providinK housing ielated support services only. 28 Common fund 2025 2024 Assoclatlon At l April 2024 and 31 March 202S 22,1)00 20,000 29 Capltal eommltments 2025 2024 Assoclatlon Capital commilmenls contr8oled for al the balance sheet dale amounted lo 123,932,179 162,191,956 30 Dlrector emoluments The remuneralion of direclors (defined as the Board and Ihe Management Team of the Association) during ihe year was: 2025 2024 Aggregate cmolumenls including benefits in kind Pension contributions to money purchase schemes 766,351 202,740 969,091 749.911 197,801 947,712
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 30 Director emoluments (eontlnued) The emoluments to the highest paid Director (currently included within the above table) are as follows: 2025 2024 Aggregate efftolumenls including benefils in kind Pension contributions to money purchase schemes 139,105 57,096 135,654 55,704 The number of directors to whom emoluments were paid during the year fall within each of (he following bands: 2025 Number 2024 Number Salary Band: £135,001- £140,000 £I10,000- £115.000 £105,001 £110,000 £100,001 £105,000 £95,IX)I - £IOO,000 Members of Ihe Board serve in a voluntary capacity and none were in receipt of emoluments during the year. Expenses paid to board meinbers during the year amounled lo £2,020 (2024.. £622), 31 Notes to cash flow statement (a) Reconeiliation of operatlng surplus to net cash Inflow from operallng a¢tlvltle5 2025 2024 Surplus for the financial year Deficit arising from disposals of fixed assets Interest receivable and similar income 3,l88,710 73,417 (267,472) 9,575,870 S0,OtK) 12.620,525 11,822,174 (7,035,302) (548,742) (2,145,425) 3,540,184 48,586 2,00 1,301 1,373,310 (482,981) 7,800,469 545,000 11,237,099 11,585,721 (7,024,117) (658,548) (86,201) ( l44,279) 58,868 {1,140,0(X)) l3,828,543 Interesi payable and similar expenses Other finance costs Operaling surplus DeprlatIOn of iangible assets Amortisalion of housing association grant Profit on disposal of tangible assets Movement in debtors Movement in creditors Movement in inventories Pension movemeni Net cash inflow from operaling aolivilies 18,302,000
Apex Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 31 Notes to cash flow statement (continued) (b) Analysi5 of net debt l April 2024 Cash Flows 31 Mareh 2025 Cash at bank and in hand (including Cash investments) D¢bt falling due wilhin l year Debt due after more than l year 25,080,425 (35,616,830) (288,522,130) {324.138,960) (299,058,535) (20,384,891) 13,635,688 (42,618,946) (28,983,258) (49,368,150) 4,695,534 (21,981,142) (331,141,076) (353,122,218) {348,426,685) Net debt 32 Operating lease commitments At the balance sheet date, the Association and group had a commilrnent to vehicles of £47,335 {2024.. £88,423>. 2025 2024 Wiihin one year Bctwccn two lo five years Total 24,602 22,733 47,335 47,799 40,624 88,423
Apex Housing Association Limited Notes to the financiydl statements for the year ended 31 March 2025 (continued) 47 33 Housing Stock- assoeiation Number of unlts owned on 31 March 2025 2024 General needs housing Independent livin8J housing for older people (including resident heme co-ordinaior) Supported housing (includtng housin8 wilh care and nursing) Total owned 6,278 350 6,046 350 559 559 7,187 6,955 Number of Mnlts managed by (but not owned) on 31 March General needs housing Total unlts managed at 31 Mareh Total units oivned and managed At 3] March 20 20 20 20 7307 6.975 34 Contingent liabllltles The Asso¢ialion released Housing A*8oci&lion Grant (ncl of amorti%utiun) of £2,969,966 (2024,. £440,414) during Ihe year in relation lo building componcnts rcplaccd arising frotTh planned mainienance works, The accumulated position of total Housing Association Grant released at 31 March 2025 is £6,260,128 (2024.. £3,290,162). The a¢¢umula¢ed amounl of Housing Association Grant amortised and recogni5cd as incorne as ai 31 March 2025 is £79,625,677 (2024: £74.444,702) (nole 12). The possibility of any reimbursemenl lo Ihe Dcpartmeni forcommunities is considered to be unlikely as (he housing properties are expected 10 continue lo be made available lor social housing for the foreseeable futur¢. 35 Turnover, operatlng eosts and operatlng surplus Assoeladon 2025 2024 Operatlng lurnover Operatlng costs Operaling rnover Operating costs Operating surplus Operatlng surplus Social Housing Activities Non-social Housing Aclivilies TotAI 68J03JS7 ($4,2S3,913) 14,049,444 60,686,415 (49,611,497) 3J86,001 (5,844,691) (2,258,690) 3,123.641 (5.576.386) 7181J9,358 60 098 604 11790 754 63,810.056 55,187.883 11,074,918 (2.452,745) 8,622.173
11- iii"
vs omr r-4 ¢ ]1" iii-
iii"
Apex Housing Association Limited 52 Notes to the financial statements for the year ended 31 March 2025 (continued) 35 Turnover, operating costs and operating surplus (continued) 2025 2024 Total Total Dfc Man2gement Allowanees- General Needs Management Allowances Management costs Surplusl(Deficit) 2J84,712 (8,930,050) (6,545,338) 2,289,672 (7,744,030) (5,454,358) Dfc M2lntenanee Allowxncej - General Needs Maintenance Allowan 2,974,938 (1,460,470) (2003,24I) (3J55,991) 2,865,624 (1,256.628) (1,781,485) (3,444,720) Maintenance adminisiTation costs Planned and cyclical maintenance Rea¢tive maint¢nan¢e Surplusl(Deflclt) (4,644,764) {3,617,209) Gross Incoffle from Rents And service eharges Technical 53,121,701 I I,S04,047 64,625,748 44,482,533 12,101,566 56,584,099 Non-Technical Total 36 Particulars of lettings 20ZS 2024 Assoelatlon Rent and service charges Less., renl losses from bad debis and voids 60,260,701 (588,957) 4,954,004 64,625,748 52,245,472 (531,128) 4,869.755 56,584,099 Supportin8 pcople and oihcr subsidies 37 Related party disclosures Apex Housin8 A&8ocialion (Ireland) Limited. Fairbuild Homcs (Nl) Lid and Newington Hou4ing A¥sociation (1975) Limited are regarded a¥ a relalcd party as dcfincd by 4cclion 33 FRS 102 duc to th¢ fact that a numbcr of board mcmbcrs of Apcx Housin8 As8ociation l.imited are Rl¥o directors of thc.%c companics. The transactions and balances due fromlto these related parties during the financial year were as follows;
Apex Housing Association Limited 53 Notes to the financial statements for the year ended 31 March 2025 (continued) 37 Related party disclosures (continued) 2025 2024 Apex Housing (Ireland) Limited Fairbuild Homes (Nl) Ltd Newington Hou5in8 A5socialion (1975) Liniited Amount owed from re12ted party at 31 March 4,979,060 4,922,426 1216 47,793 4,971,435 46,641 5,025,701 202S 2024 Apex Houslng Assoclatlon (Ireland) Llmlted Amount owed from related party at l April Management and administration ¢hArge lo Apex Housing Association (Ireland) Limited Expendilure paid on behalf of Apex Housing Association (Ireland) Limited Amounts written off (Receipts from)Ipaymenls io Apex Housing Associhtion (Ireland) Limited Amount owed from related party 1131 March 4,922,426 4,570,820 89,750 67,747 540,430 (550,000) (23J46) 4,979,060 802,507 (51XI,IYJ)) (18,618) 4,922.426 F81rbulld Homes (Nl) Ltd {"Fairbuild Homes") Amount owed from related party at l April Management and administration charge 10 Fairbuild Homes Amounts wnllen off Expenditure paid on behalf of Fairbuild Homes Receipts from Fairbuild Homes Amount owed from related party at 31 March 1,216 78 325 (5,5(N)) 6,391 2,405 (3W9) 1,216 Lyewlngton Houslng Association (197S) Llmlted Amount owed from related party al l April Expendilure paid on behalf of Newing¢on Housing Assooialion Receipls from Newingion Housing Associalion Amount owed from related party at 31 M8reh 47,793 (1,152) 45,170 2,623 46,641 47,793 38 Related Party Iovdn - Uncertalnty Regarding Recoverability As ai 31 March 2025, the aSSlatIOn has an outstsnding loan receivable of £4,979,060 {2024. £4,922,426 due from Apex Housing Association (Ireland) Limited, a ielated party as defined under IAS 24 Related Party Disclosures. The loan has been advanced under Icrnts approved by (he board under a Facilities Agreement dated 22•d June 201 l on a 5-year terni with the most recenl renewal being 8, Augusi 2024. The agreement is reviewed annually by the board. During the reporting period the borrower reviewed ils options for development of sites in iLq ownership, the proceeds of which will be used to repay part of the loan. The board of Apex Housing Association (Ireland) Limiied are also reviewing the future strategic direclion of the entity with discussions taking place with oiher interested parties in relation to Ihe possible takeover ol the entity and ils remaining stock of housing assets. This has reated uncertainty regarding the recoverabilily of the loan in full. Management has assessed the recoverability of the loan but, due lo the lack of sufficient reliable infornlalion and the ongoing nalure of ihe discussions Wlth ihe borrower, il is nol currenily possible to make a reasonable estimaie of any poiential impaimieni. Accordingly, no provision for impairnienl has been recognized as al 31 March 2025. The board are continuing to monitor the position closely and will reasse&s the need for impairnient as further infonnation becomes available.